Prices of both petrol and diesel were slashed on Monday under the dynamic pricing regime. The price of petrol in Delhi today (June 4) is Rs 77.96 a litre while that of diesel is Rs 68.97 a litre. On Sunday (Yesterday), petrol per litre in Delhi was Rs 78.11 while that of diesel was Rs 69.11 per litre.

On Friday, price for petrol was Rs 78.29 per litre, while diesel price was Rs 69.20 a litre in the national capital.

Petrol prices slashed

It had emerged last week that government may ask state-owned Oil and Natural Gas Corp (ONGC) to bear fuel subsidy to help cut petrol and diesel prices.

The government does not want to cut excise duty and is looking at alternative means to reduce petrol and diesel prices that had on May 29 touched an all-time high of Rs 78.43 per litre and Rs 69.31 a litre respectively.

Lower global crude oil cost, along with a strengthened rupee, has pulled down the prices of transportation fuels since May 30.

On Saturday, Brent crude oil prices slipped to around $76 per barrel from $77 a barrel as global supply concerns eased. A decline in global crude oil prices in turn lessen the cost of refined products like gasoline or petrol.

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